Nvidia stock price remains above 50 EMA, is the $150 level the next stop?
- Nvidia’s stock price is trading below an ascending parallel channel during the rebound.
- Buyers are struggling on the 50-day exponential moving average on the daily price chart.
- On Friday, NASDAQ:NVDA stock price closed at $138.34, up 4.99%.
The holdings of Advanced Micro Devices, Inc. and NVIDIA Corporation AMD are trading higher Friday night. Shares of semiconductor and chip companies rose, largely on Intel’s better-than-expected third-quarter earnings per share.
Nvidia’s stock price has moved out of the bear-dominated zone and the price action over the past two weeks is forming a high-low formation under an ascending parallel channel. Buyers are barely sustaining this bullish price pattern to keep Digital Acer out of the sellers’ sight. Although the parallel channel trading range is narrow, the bulls are moving higher which could act as an additional pumping zone.
In the Friday, October 28 letter, Nvidia stock price rebounded 4.99% and closed strong at $138.34. In the middle of the rebound, the stock’s value reaches a nearby descending trendline (above the chart), valid from the end of March.
Despite a sharp decline in values, the bears failed to pull the price down below the $100 conceptual level, yet to be tested. Ahead of this kley level, the bulls have further support at $108 – 52 week low. On the other hand, the Nvidia stock price might close the gap and the bears might try to sell at the $150 level.
In terms of daily price range, the buyers are keeping Nvidia stock prices above the 20-day exponential moving average. But this struggle may extend as sellers are active at 50 EMA. the price open of the next trading session will decide the next momentum of the asset.
The trading volume remained at $51.94 million and the market capitalization reached $344.33 billion on the last day of this week. Eventually, the RSI indicator is heading towards the overbought zone and the MACD is about to enter the positive region.
Although Nvidia’s stock price has already closed above the 20-day exponential moving average, it has yet to break the descending trendline. The RSI and MACD indicators are bullish, so bulls should wait for a strong confirmation.
Support level – $108 and $100
Resistance level – $150 and $200
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